https://www.taxtmi.com/caselaws?id=306331 The Tribunal found the reopening of the assessment based on cash deposits invalid as the addition was made using the Net Profit ratio instead. The Tribunal emphasized that income prompting reopening must be assessed. Consequently, the appeal was partly allowed, quashing the assessment order. The additional grounds of appeal were deemed irrelevant due to the primary issue resolution in favor of the assessee. en-us Mon, 20 Sep 2021 00:00:00 +0530 Mon, 23 Jan 2023 11:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306331 The Tribunal found the reopening of the assessment based on cash deposits invalid as the addition was made using the Net Profit ratio instead. The Tribunal emphasized that income prompting reopening must be assessed. Consequently, the appeal was partly allowed, quashing the assessment order. The additional grounds of appeal were deemed irrelevant due to the primary issue resolution in favor of the assessee. Case-Laws Income Tax Mon, 20 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306331